Don’t Like Your Home? Do You Sell or Remodel?

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A lot can happen in a year. You can get married, start a family, and then realize that your house is too small to fit your new life. While this may be a sign for many people that it’s time move to a new home, you don’t necessarily have to do that. You can work with what you have instead.

When looking for a new home, be prepared for the classic sticker shock. Buying a house isn’t cheap, and that really shouldn’t be a secret to anyone. While it may be a good idea to take the plunge regardless of the price, the Chicago Tribune suggests taking a look at your current home and finding ways to make renovations.

WFMY News 2 says you can revamp your kitchen without breaking the bank. While landscaping remodels are often the number one item on many people’s lists, kitchen come in at a close second. Focus on colors and textures instead of completely gutting the area. You may decide to replace the cabinets, switch out drawer hardware, upgrade countertops, and paint the walls. If you find that you’re lacking space in your cabinets, feel free to add an additional shelf or find cabinets that come with more storage. These are simple changes that can give you an updated home without having to move out or spend a ton of money. The interior design industry generates $10 billion in revenues annually, and there are so many options for new home decor and kitchen remodel items out there.

If money is a concern, take a look at how much you’re spending on energy each month. If that bill is really high, see what can be done to reduce your energy use. You can, for example, replace your roof to help save a few bucks. Choosing the right roofing material can actually result in as much as a 30% decrease in your home’s energy needs. You may also choose to replace the windows or use smart technology that can keep your bill low.

Even if renovations seem like a good idea, you may still be on the fence between moving and renovating. Before deciding whether to make any renovations or to pack up and sell, consider how long you’ve actually been in your house. Many real estate agents suggest waiting at least three to five years after moving in to sell your home. Property values are constantly changing, which means you need to wait for the right time to sell.

If you’re really leaning toward selling your home instead of renovating, consider how much you’re going to get for your home once it goes on the market. If you’re not going to get a lot of money for the home, is it actually worth the move, or should you just renovate instead? Jonathan Self, a real estate broker with Center Coast Realty spoke with the Chicago Tribune about speaking with an agent who may be able to give you a clear indication about how much money you may receive.

“They can give you insight into homes that have recently sold, and what the demand was like for those homes,” Self said. “Depending on what the market is for homes like yours, the agent will tell you whether now is a good time to sell your home and whether you’ll be able to find or afford the home you want”

If you don’t like the look of your home or the space it offers, you may think about moving out completely. Although, moving can be extremely time-consuming as there are 300,000 items in a single person’s home. If this doesn’t seem like something you want to be responsible for handling at this time, you may decide to just simply remodel instead. It’s a good idea to sit down and take a look at what you want out of a house and how much you’re willing to spend. Take that information and use it to see if it’s more feasible to sell or just remodel the space.

This article contains general information and does not contain legal advice. Buy It, Rent It, Profit is not a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.


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